As per the research report, the North America Ophthalmic Lasers Market size was worth USD 395.47 million in 2022. This figure is estimated to grow at a CAGR of 5.5% to reach USD 516.86 million by 2027.
The rising preference for glaucoma and cataract, technological advancements in ophthalmic laser technology, and significant rise in the geriatric population are factors expected to drive the ophthalmic lasers market in the North American market. The utilization of ophthalmic laser technology is vital to reduce the amount of eyesight loss. The market’s primary target is the geriatric population; however, refractive problems are becoming more common among the younger age. Therefore, the former group of people accounts for the majority of chronic ocular issues. As a result, the predicted expansion of ophthalmic lasers is being driven by an increase in patients with chronic eye illnesses.
Growing geriatric is significantly accelerating to market’s growth rate. As the aging population is more prone to various eye-related problems, the market for ophthalmic lasers is driven by the geriatric population. On the other hand, significant demand for new medical technologies, Year-on-Year growth in ocular problems, and rising prevalence of diabetes are further driving the ophthalmic lasers market in North America. As a result, the key market participants favor market growth to focus on research and development. In addition, government initiatives in developed countries such as the United States and Canada expand regional market growth.
However, the high treatment costs, the availability of alternative medicines, and a lack of awareness among those living in rural areas are expected to restrain the North American ophthalmic lasers market growth.
This research report on the North American ophthalmic lasers market has been segmented and sub-segmented into the following categories:
Based on the region, the North American ophthalmic lasers market dominated the global market in 2020 and is estimated to continue the dominance throughout the forecast period. The U.S. is forecasted to account for the most significant share in the North American market, followed by Canada and Mexico. Health concerns primarily drive the North American region.
The North American ophthalmic lasers market was dominated by the United States in 2020 and is expected to dominate in the forthcoming years. Nearly 4.2 million people are visually impaired in the U.S., according to the American Academy of Ophthalmology 2014 stats. In addition, the growing occurrence rate of ophthalmic problems, rising healthcare expenditure, and the enhancement of complicated healthcare infrastructure are accelerating the market.
The Canadian market is predicted to showcase a healthy CAGR during the forecast period due to growing consciousness amidst the population towards visual impairment solutions. In addition, a regular increase of refractive errors and cataracts, augmenting the applications of femtosecond lasers, and growing administrative approvals are projected to fuel this region's market.
KEY MARKET PLAYERS:
A few of the promising companies operating in the North America ophthalmic lasers market profiled in the report are Ellex Medical Lasers Limited, Topcon Corporation, Ziemer Ophthalmic Systems AG, IRIDEX Corporation, NIDEK Co., Ltd., Alcon Laboratories, Inc., Abbott Medical Optics, Inc., Carl Zeiss Meditec AG, Bausch & Lomb Incorporated, and Lumenis Ltd.